Mason Street Advisors LLC purchased a new stake in Transocean Ltd. (NYSE:RIG) during the second quarter, Holdings Channel reports. The institutional investor purchased 46,238 shares of the offshore drilling services provider’s stock, valued at approximately $550,000.
Several other institutional investors have also bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. acquired a new position in Transocean during the first quarter valued at $108,000. Simmons Bank acquired a new position in Transocean during the first quarter valued at $110,000. Lee Danner & Bass Inc. acquired a new position in Transocean during the second quarter valued at $119,000. Mariner Wealth Advisors LLC acquired a new position in Transocean during the second quarter valued at $120,000. Finally, Capstone Investment Advisors LLC acquired a new position in Transocean during the second quarter valued at $121,000. 71.55% of the stock is currently owned by hedge funds and other institutional investors.
Transocean Ltd. (NYSE:RIG) opened at 9.85 on Tuesday. The stock’s 50 day moving average is $9.82 and its 200-day moving average is $10.34. Transocean Ltd. has a 1-year low of $7.67 and a 1-year high of $17.19. The firm has a market capitalization of $3.60 billion, a PE ratio of 2.87 and a beta of 1.91.
Transocean (NYSE:RIG) last released its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.18. Transocean had a net margin of 21.91% and a return on equity of 8.46%. The business earned $943 million during the quarter. During the same period in the previous year, the business posted $1.11 EPS. The firm’s quarterly revenue was down 49.9% compared to the same quarter last year. Equities research analysts forecast that Transocean Ltd. will post $0.95 EPS for the current year.
A number of brokerages have commented on RIG. Howard Weil began coverage on shares of Transocean in a research note on Wednesday, September 14th. They set a “sector perform” rating and a $12.00 target price on the stock. Scotiabank reaffirmed a “sector perform” rating and set a $12.00 target price on shares of Transocean in a research note on Wednesday, September 14th. Simmons lifted their target price on shares of Transocean from $2.50 to $4.65 and gave the stock an “underweight” rating in a research note on Friday, August 5th. Vetr downgraded shares of Transocean from a “buy” rating to a “hold” rating and set a $10.43 target price on the stock. in a research note on Thursday, September 8th. Finally, Citigroup Inc. reaffirmed a “sell” rating on shares of Transocean in a research note on Wednesday, July 27th. Ten analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $10.27.
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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